Purdue Retirement Program Overview
Planning for life after Purdue.
Planning and saving for retirement is an important responsibility throughout your working years. Purdue offers a variety of retirement plans, depending upon the type of position you hold, to help you prepare for the financial aspects of retirement. View a snapshot of Purdue retirement plans offered to the University's faculty and staff.
*Purdue University is considered a governmental entity and the retirement programs sponsored by the university are not subject to ERISA.
University Funded Retirement Plans
Purdue Standard Retirement and Savings Plans (PSRS)
Purdue's Standard Retirement and Savings Plans (PSRS) program includes two components, an 403(b) Base Defined Contribution Plan and a Mandatory 401(a) Plan. Fidelity partners with the University to administer these plans.
Benefits-eligible tenure-track faculty, instructors, and senior management/professional staff members are eligible for University-funded retirement contributions upon date of employment.
Benefits-eligible professional (levels 1-3), management (levels 1-2), and continuing lecturers begin participation after three years of continuous service.
View detailed plan here.
Purdue Matching Retirment and Savings Plans (PMRS)
Purdue's Matching Retirement and Savings Plans (PMRS) for biweekly paid employees hired on or after September 9, 2013 include these components: a 403(b) Defined Contribution Plan with a base contribution from the University, in addition to a matching contribution if the employee participates in saving for retirement through the voluntary savings plan. Fidelity partners with the University to administer these plans. Newly hired biweekly paid police and firefighters participate in PERF and are not impacted by the September 2013 change for other biweekly paid staff.
View detailed plan here.
Benefits-eligible service and support staff members hired before September 9, 2013 are covered by the Indiana Public Employees' Retirement Fund (PERF). University-funded contributions begin immediately upon employment. Newly hired bi-weekly paid police and firefighters participate in PERF and are not impacted by the change for bi-weekly paid service and support staff hired on or after September 9, 2013.
The PERF Retirement Plan is made up of two parts:
- Defined Benefit (pension)
- Defined Contribution (DC) (Formerly called ASA)
View detailed plan here.
The Pension Program for police officers and firefighters was developed to provide benefits for Purdue staff comparable to those available in Indiana for municipal police and fire personnel.
All regular, full-time police officers and firefighters are required to participate in the plan upon employment.
Each member will make contributions to the plan each pay period. The amount is fixed at three percent of the base salary established for non-probationary patrol officers at each campus. Contributions will be made on a pre-tax basis. Participation will continue as long as the member is employed as a police officer/firefighter.
View detailed plan here.
Voluntary Savings Plans
Voluntary Savings plans are tax-favored retirement plans that allow employees of non-profit organizations, such as Purdue University, to save for retirement and supplement income from other pension sources. Voluntary savings plans are available to all faculty, staff and students employed by the University.
Purdue offers two voluntary plans for your retirement savings--the 403(b) Voluntary Retirement Savings Plan, and the 457(b) Voluntary Retirement Savings Plan, a deferred compensation plan. You can choose to contribute to one of them or maximize your savings potential by using both plans.
View detailed information here.
To enroll in one of the Voluntary Savings plans, go to Fidelity's Purdue-dedicated site. Click on "Enroll Now" on the right hand side of the page. Then select the plan you wish to enroll in by clicking the "Enroll Now" button below the plan. Follow the instructions to complete your enrollment. You will indicate the amount you wish to contribute and the funds you would like to invest in. You will also need to designate your beneficiary.
Note for Graduate Staff, Limited Term Lecturers, Post Docs, Student Employees, Temporary Employees, and Visiting Faculty: To begin contributions to a voluntary retirement savings plan through Fidelity NetBenefits, you must first contact HR Benefits to request a voluntary retirement savings account be set up on your behalf. You may email your request to hr@purdue.edu with the subject line “Voluntary Retirement Savings Plan Shell Account Request” or by calling (765) 494-2222. Once your shell account is established (typically 1-2 business days), you may then finalize your enrollment and elect your contribution percentage through the Fidelity NetBenefits site.
View detailed information here.
Manage Your Retirement Plan
Designating your beneficiaries ensures that your funds are appropriately distributed per your wishes and not defaulted to your estate. Once designated, it is recommended to review your beneficiary designations each year to ensure no changes are needed. Click here for additional details.
Fidelity
Online: https://nb.fidelity.com
- Click on "Your Profile" in the green menu bar at top of page.
- Click the "Beneficiaries" link.
Paper: Call 800-343-0860 to request a form.
Fidelity also allows beneficiaries to be added or updated via text message (text CARE to 343898). The new text feature leads directly to the beneficiary page upon login to Fidelity NetBenefits.
As a reminder, Fidelity retirement planners offer free services to Purdue employees including assistance with establishing beneficiaries within Fidelity, retirement planning, savings, and more. For more details on what to expect from a retirement planner meeting, see the “Retirement Planning – How You Benefit from a Fidelity Consultation” video.
PERF (INPRS)
Online: http://www.in.gov/inprs/
- Click PERF Member Login.
- Click the "My Account" tab at the top, then under "I want to," click "Make a beneficiary election."
- On the next page, click "Beneficiaries."
- Click the “Make Changes” button.
Paper: Call PERF at 888-526-1687 and request a beneficiary change form be sent by mail.
TIAA
Police Officers and Firefighters Pension Plan:
Paper: Designation of Survivor and Beneficiary Information Form
- Click link above to open form
- Complete form and return to the address listed at the bottom of the page
- Email srince@purdue.edu or call 765-496-1964 for assistance
Retirement plans in place prior to 2011:
Online: http://www.tiaa-cref.org/
- Click “SUPPORT” at the top of the page, then “Transactions & Information” under “ONLINE HELP.”
- Scroll down and select “Update Beneficiaries”. You will then be prompted to log in or register an account.
- For assistance, call their national toll-free number at 1-800-842-2776 or the West Lafayette office at 765-497-8740.
Paper: Call the national toll-free number, 800-842-2776, and choose the option for beneficiary change. The form is also available online, or call the West Lafayette office at 765-497-8740.
Fidelity website (800-343-0860)
PERF-Indiana Public Retirement System website (888-526-1687)TIAA/CREF website (800-842-2252)
Check your status with the Social Security Administration
Application for Waiver of Three-Year Waiting Period 403(b) Defined Contribution Base Retirement Plan Form for eligible management/professional and visiting faculty in the 403(b) Defined Contribution (Base) plan’s three-year waiting period who meet certain criteria.
Click here for additional details.
- Retirement Plans
- Purdue Standard Retirement and Savings Plans (PSRS)
- Purdue Matching Retirement and Savings Plans (PMRS)
- Public Employees Retirement Fund (PERF)
- Police Officer and Firefighter Retirement Plan
- Police Officers and Firefighters Pension Summary
- Voluntary Retirement Savings Plans
- Fidelity Account Log In
- PERF Account Log In